How Much Is Your Annual Motor Bill?

Sat 7th May 2022

We are all doing our best to tighten our purse strings but when it comes to running a car it is sometimes inevitable that we will have to spend. 

Whether it be taxes, insurance or your MOT, there are often a whole raft of outgoings, before you have even put your key in the ignition.

For most of us though, the biggest outgoing for running a car will be fuel with the cost of petrol and diesel at its highest levels ever. According to analysis from Insurance Revolution, the average driver is now spending £3,500 a year to run their motor, with £1,435 of that being spent on filling up. Car insurance is the second most significant financial outlay, on average we will spend £500 on our insurance if we have no previous history on our licence. Those of us who keep up with our servicing can pay between £250 and £300 and then you also have the standard additions of car tax and an MOT, though we reported this week that the Government might be ditching the latter.

“Buying a new car is exciting and fun, and it should be!” said Mark Rigby, CEO of Insurance Revolution.

“You want to show off your new purchase to everyone you know and maybe plan a much-needed road trip too.

“While we want to join you in your excitement, it’s also important to be aware of the extra bills that people sometimes forget about.

“We hope that our research has helped car owners and future car owners with not just the biggest costs but also the things that people sometimes forget about when owning a car such as road tax, parking and car-washing.”